Quarterly report pursuant to Section 13 or 15(d)

LEASES (Tables)

v3.24.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Lease Cost
The components of lease expense for the three and nine months ended September 30, 2024 and 2023 were as follows (in millions):
Three Months Ended
 September 30,		 Nine Months Ended
 September 30,
2024 2023 2024 2023
Operating lease costs $ 220  $ 219  $ 682  $ 645 
Finance lease costs:
Amortization of assets 38  31  104  88 
Interest on lease liabilities 6  4  16  13 
Total finance lease costs 44  35  120  101 
Variable lease costs 81  63  235  203 
Short-term lease costs 221  243  612  746 
Total lease costs(1)
$ 566  $ 560  $ 1,649  $ 1,695 
(1)    This table excludes sublease income as it was not material for the three and nine months ended September 30, 2024 and 2023.
Supplemental cash flow information related to leases is as follows (in millions):
Nine Months Ended
 September 30,
2024 2023
Cash paid for amounts included in measurement of obligations:
Operating cash flows from operating leases $ 657  $ 627 
Operating cash flows from finance leases 13  10 
Financing cash flows from finance leases 93  101 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases $ 403  $ 1,013 
Finance leases $ 58  $ 136 
Supplemental Balance Sheet
Supplemental information related to leases and location within our consolidated balance sheets is as follows (in millions, except lease term and discount rate):
September 30,
2024		 December 31,
2023
Operating Leases:
Operating lease right-of-use assets $ 4,129  $ 4,308 
Current maturities of operating leases $ 699  $ 709 
Non-current operating leases 3,613  3,756 
Total operating lease obligations $ 4,312  $ 4,465 
Finance Leases:
Property, plant and equipment, net $ 640  $ 856 
Current maturities of long-term debt, commercial paper and finance leases $ 103  $ 104 
Long-term debt and finance leases 336  368 
Total finance lease obligations $ 439  $ 472 
Weighted average remaining lease term (in years):
Operating leases 10.8 10.8
Finance leases 7.2 7.4
Weighted average discount rate:
Operating leases 3.42  % 3.20  %
Finance leases 3.99  % 3.88  %
Operating Leases Maturity Schedule
Maturities of lease obligations as of September 30, 2024 were as follows (in millions):
Finance Leases Operating Leases
2024 $ 38  $ 180 
2025 111  858 
2026 85  751 
2027 54  646 
2028 46  486 
Thereafter 180  2,271 
Total lease payments 514  5,192 
Less: Imputed interest (75) (880)
Total lease obligations 439  4,312 
Less: Current obligations (103) (699)
Long-term lease obligations $ 336  $ 3,613 
Finance Leases Maturity Schedule
Maturities of lease obligations as of September 30, 2024 were as follows (in millions):
Finance Leases Operating Leases
2024 $ 38  $ 180 
2025 111  858 
2026 85  751 
2027 54  646 
2028 46  486 
Thereafter 180  2,271 
Total lease payments 514  5,192 
Less: Imputed interest (75) (880)
Total lease obligations 439  4,312 
Less: Current obligations (103) (699)
Long-term lease obligations $ 336  $ 3,613